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Budgeting and Planning

Overnight successes are rare in business — it takes time, budgeting and planning. Of course, not all plans or budgets are created equal.

How to Build a Better Business Budget

Building a budget and a plan for your business is vital. Only after you have a budget in place will you know how much money your business has, and how much you can spend to meet your goals.

Make a Spreadsheet

Put together a spreadsheet of your normal costs and income. You can do this using financial software or using a spreadsheet template. Estimate how much you usually spend each month, and how much money your business brings in. If you're already in business, track your income and spending closely for a few months to get an idea of what's normal.

Give Yourself Some Slack

No budget is perfect and sometimes unexpected costs come up, so make sure to give yourself some slack when you're planning. Make sure to put some money into your Business Savings account each month to cover slender months. Be sure you have more than enough saved before opening or expanding your business.

Find Ways to Save Money

Take a look at your budget lines and see if there's anywhere you can cut back. Call your vendors or utility providers to see if there's a way to lower you bills. Don't be afraid to find new suppliers if they'll help you save money in the long term.

Review Your Budget Frequently

Once you've gotten your budget together, don't just file it away. Keep it up as a reminder to stick to your commitments, and reference it whenever necessary. Most businesses find they need to draft a yearly budget and check in with it quarterly or semi-annually. For smaller businesses, though, you may prefer to review it every month.

Top 3 Things You Should Know About Budgeting and Planning for a Small Business